Digital transformation has been around almost for two decades, however there is still lots to do to overcome devastating paper work and manual document processing. Main reason which lays beneath the fact that document processing (invoice processing, banking and financial document processing, legal document processing etc.) couldn’t reach to a higher level of digitalization is the difficulty of transforming contents of custom and arbitrary documents to structured, standardized data.
According to a recent survey, 92% of business leaders agree that companies need to enable process automation technologies. OCR (optical character recognition) technology plays a vital role in this story. It is still the best method to turn print outs into consistent digital data, which can be processed by computers. And the good news is OCR technology is improving constantly. Nevertheless, companies need more complex, flexible and yet accurate solutions than OCR in order to fulfill their challenging document management and digitalization needs.
How Does Intelligent Document Processing Work?
Think about all of these various types of documents, forms, e-mail attachments, PDFs, invoices, receipts, work orders, bank and insurance statements etc. Tones of valuable data are stored in these documents, yet it needs a great deal of time and effort to reach and use them meaningfully.
Intelligent document processing (IDP) can be defined as a bunch of solutions come together to transform unstructured data into usable data and finally to create smooth, productive and cost-effective work flows. Most of IDP tools can be easily integrated with enterprise solutions such as ERP, CRM and DMS.
Components of IDP framework are:
- Data capture & classification: OCR, NLP
- Data extraction & interpretation: Deep learning, machine learning
- Data validation & automation: AI, RPA
What Are the Benefits of Intelligent Document Processing?
When you run an IDP platform your business gets into a total boost. Typical and obvious benefits of IDP are:
- Time and cost savings
- User friendly processes and efficiency
- Data accuracy & security uplift
- Higher satisfaction of employers and customers
- High quality internal project management
These benefits can be designed for a high variety of use cases in a flexible manner. One of the best assets of IDP is this flexibility, which is built on different levels of technology. For example, a medium sized exportation company can limit the solution for scanning invoices and extract invoice data to transfer to concerning parties in seconds. Besides, a large international enterprise would run AI based intelligent document processing in a multi lingual environment. And also can track, interpret and create each business process through robotic process automation (RPA) integration.